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Issues: Whether, on a proper construction of the partnership deed, the minors were admitted as full-fledged partners or merely to the benefits of the partnership, and whether the firm was entitled to registration.
Analysis: The deed stated in the preamble that the minors were admitted to the benefits of the partnership, but the remaining terms of the instrument showed that the real and dominant intention of the parties was to treat the minors as full partners. The substance of the deed, rather than the preamble alone, governed the character of the arrangement. On that reading, the conclusion reached by the High Court was correct.
Conclusion: The minors were held to have been admitted as full partners, and the firm was not entitled to registration.
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